New York Life Investment Management LLC Acquires 494 Shares of Pinterest, Inc. (NYSE:PINS)

Posted by Defense World Staff on Jun 6th, 2023

New York Life Investment Management LLC boosted its holdings in Pinterest, Inc. (NYSE:PINS – Get Rating) by 4.3% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 12,097 shares of the company’s stock after acquiring an additional 494 shares during the quarter. New York Life Investment Management LLC’s holdings in Pinterest were worth $294,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Schroder Investment Management Group grew its holdings in shares of Pinterest by 2.5% during the fourth quarter. Schroder Investment Management Group now owns 378,743 shares of the company’s stock worth $9,196,000 after purchasing an additional 9,261 shares in the last quarter. Exos TFP Holdings LLC purchased a new stake in shares of Pinterest during the 4th quarter valued at $269,000. Gardner Lewis Asset Management L P purchased a new stake in shares of Pinterest during the 4th quarter valued at $731,000. Aviva PLC lifted its holdings in shares of Pinterest by 57.9% during the 4th quarter. Aviva PLC now owns 130,526 shares of the company’s stock worth $967,000 after acquiring an additional 47,870 shares during the last quarter. Finally, Franklin Resources Inc. grew its position in Pinterest by 4.3% in the fourth quarter. Franklin Resources Inc. now owns 1,385,160 shares of the company’s stock worth $33,632,000 after acquiring an additional 57,527 shares in the last quarter. Hedge funds and other institutional investors own 71.95% of the company’s stock.

Analysts Set New Price Targets

PINS has been the subject of several research analyst reports. Roth Capital reaffirmed a “neutral” rating on shares of Pinterest in a research note on Tuesday, February 7th. Bank of America dropped their target price on Pinterest from $30.00 to $29.00 in a research report on Friday, April 28th. Piper Sandler cut their target price on Pinterest from $32.00 to $31.00 in a research note on Friday, April 28th. Rosenblatt Securities lifted their price target on shares of Pinterest from $26.00 to $27.00 and gave the stock a “neutral” rating in a research note on Friday, April 28th. Finally, Sanford C. Bernstein reduced their target price on shares of Pinterest from $28.00 to $23.00 and set a “market perform” rating on the stock in a report on Friday, April 28th. Twelve equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $28.40.

Insider Buying and Selling

In related news, CFO Todd R. Morgenfeld sold 60,537 shares of the business’s stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $28.32, for a total transaction of $1,714,407.84. Following the sale, the chief financial officer now owns 512,820 shares of the company’s stock, valued at $14,523,062.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Pinterest news, Director Evan Sharp sold 55,241 shares of the firm’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $27.04, for a total transaction of $1,493,716.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Todd R. Morgenfeld sold 60,537 shares of Pinterest stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $28.32, for a total transaction of $1,714,407.84. Following the completion of the transaction, the chief financial officer now directly owns 512,820 shares of the company’s stock, valued at $14,523,062.40. The disclosure for this sale can be found here. Insiders sold a total of 155,648 shares of company stock worth $4,201,799 in the last three months. 6.85% of the stock is owned by corporate insiders.

Pinterest Trading Up 2.7 %

PINS opened at $24.10 on Tuesday. The company has a market cap of $16.48 billion, a price-to-earnings ratio of -53.54 and a beta of 0.99. The stock has a fifty day simple moving average of $24.94 and a two-hundred day simple moving average of $25.19. Pinterest, Inc. has a 12-month low of $16.77 and a 12-month high of $29.27.

Pinterest Company Profile

(Get Rating)

Pinterest, Inc engages in the operation of a pinboard-style photo-sharing website. It allows users to create and manage theme-based image collections such as events, interests, and hobbies. The company was founded by Benjamin Silbermann, Paul C. Sciarra, and Evan Sharp in October 2008 and is headquartered in San Francisco, CA.